Guelph Market Update for March 2024

Below, you will find a Guelph Market Update for March 2024, which will provide you with information on the local real estate market and recent sales activity in specific Guelph neighbourhoods. Don’t hesitate to contact us if you have any questions or if you are ready to move forward with the next step!

Guelph Market Update for March 2024

The Spring market in Guelph still hasn’t come into full force! While there was a surge in sales this February compared to last year. March was 10% above last year, but still, relatively lower sales than we would have in a typical March.

Prices rose 5% in February compared to January. In March, condo prices went up by 4.26% and townhouse prices by 5.6%. Detached home prices, which increased by 6% in February, fell by 2.4% so far in March. This shift could be because of the mix of types of homes sold. The real estate market remains somewhat unpredictable but is expected to change soon.

Inflation has been decreasing and stood at 2.8% in February, which is lower than what the Bank of Canada (BOC) had anticipated. Equifax recently released that business credit delinquencies in the fourth qtr were up 14.3% from the previous year, and Statics Canada released that in December, 14.8% more people were collecting employment insurance YOY. The BOC is scheduled to make its next interest rate decision on April 10th. While some data suggests it may be time to lower rates, most analysts believe they will hold steady at 5%, with 75% predicting a rate decrease in June. Once this happens, brace yourself because the real estate market is likely to pick up pace.

Experts advise first-time buyers to enter the market now, as home prices are likely to increase once rates drop. For those looking to upsize or downsize, this could be a favourable market to buy or sell, as houses are selling, and you can buy without the intense bidding wars seen in previous years.

I am Brad Wylde with GoWylde Real Estate, a group of real estate professionals passionate about helping people grow their wealth through real estate.